The Global Retail Point of Sale Market size is expected to reach $33. 8 billion by 2026, rising at a market growth of 14. 1% CAGR during the forecast period. Point of Sale (POS) is a place where buyers can carry out the payment for any goods or service and can also pay.
New York, April 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Retail Point of Sale Market By Product, By Component, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p06064816/?utm_source=GNW
The POS terminals & systems are utilized in physical spaces to initiate card payments. Points of sale are the main center of attraction for the marketers as consumers can make decisions about purchasing high-margin products or services at these strategic places. Generally, businesses establish POSs at the exits of the stores to improve the impulse purchase rate when a customer leaves. But, setting up POS at different locations can provide retailers more opportunities to micro-market particular product groups & impact consumers at starting points of the sales channel.
Electronic POS software systems help in simplifying the retail operations by making the transaction process automatic and monitoring the vital sales data. The basic systems consist of an electronic cash register and software to handle & manage the collected data from daily purchases. By installing the networks of data-capture devices like barcode scanners & card readers, retailers can easily enhance their functionality.
The outbreak of the COVID-19 pandemic has negatively affected the retail sector across the world. There are many measures taken to contain the spread of the virus, which have impacted the demand, supply, & operations of the retail sector. The regulations on in-store purchases & growing online shopping trends will affect the market of retail POS terminals in a negative way. Presently, the worldwide population aims to buy the essential products online, which resulted in low sales for brick-and-mortar retailers. Although, the growing trend of contactless payments will surge the demand for POS terminals across all retailers to accept contactless card payments in the coming years.
Based on Product, the market is segmented into Fixed and Mobile. The mobile POS terminals would exhibit rapid growth rate. There are many retailers, who are utilizing mobile POS software applications to get access to their stores from remote locations & reduce the reasons of decreasing revenues in the lack of supervision. This software offers merchants daily updates of tasks carried out inside retail stores. It also allows monitoring & sorting of products in physical & online stores. Many companies have introduced retail POS terminals software which is compatible with NFC payments & EMV compliance, allowing safer and quicker payments for customers.
Based on Component, the market is segmented into Hardware, Software and Services. On the basis of components, the Hardware segment will acquire the highest market size over the forecast period. There is constant increment in the usage of cloud-based retail POS software registered in the market.
End User Outlook
Based on End User, the market is segmented into Supermarkets/Hypermarkets, Discount Stores, Gas Stations, Convenience Stores, Specialty Stores, Grocery Stores and Others. By end-user, convenience stores market segment would exhibit promising growth rate over the forecast period. These convenience store POS solutions automatize the manual tasks like price updates, data entry, and cash management & billing that helps in decreasing human errors & improves customer satisfaction. By decreasing the manual efforts, merchants could focus on enhancing customer engagement, making performance reports to recognize the problematic areas, and instructing the employees to deliver a better experience to the customers. It also assists them to decrease human errors & keep track of the compliance problems, which arise from recurring changes in prices of gas by the automating the pricing process.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia-Pacific region is expected to witness the highest growth rate over the forecast period. The significantly increasing customer base, owing to the rising prominence of SMEs, along with the decreasing TCO, is anticipated to propel the retail point of sale market growth in this region. The retail POS systems offer various advantages, like less queue time, more security, paperless receipt option, reduced check-out space needs, and rising floor space, will provide growth opportunities for the retail POS market in the Asia-Pacific region.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Toshiba Corporation is the major forerunner in the Retail Point of Sale Market. Companies such as VeriFone Holdings, Inc., NCR Corporation, Intuit, Inc., Square, Inc., and Shopify, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Diebold Nixdorf, Inc., Intuit, Inc., NEC Corporation, Toshiba Corporation, Zebra Technologies Corporation, Square, Inc., NCR Corporation, Shopify, Inc., VeriFone Holdings, Inc. (Francisco Partners), and PAX Global Technology Limited.
Recent strategies deployed in Retail Point of Sales Market
Partnerships, Collaborations, and Agreements:
Feb-2021: Zebra came into collaboration with Katapult, the leading provider of eCommerce point-of-sale lease-purchase options for nonprime US consumers. Under this collaboration, Katapult provides its lease-purchase solution that integrates effortlessly with online platforms to retailers over different durable goods industries. Katapult has a checkout option with electronic transportation retailer, Zebra.
Nov-2020: Shopify collaborated with Brightpearl, the omnichannel retail management system. Brightpearl has been selected to power Shopify’s lineup of Retail Hardware. Shopify employed Brightpearl’s retailer-first digital operations platform to automate and assist the fulfillment and distribution of new hardware to merchants who are beginning or expanding to brick-and-mortar retail. Together, both companies enable businesses to effortlessly buy Shopify’s point-of-sale hardware products online.
Nov-2020: NCR collaborated with PDI, the leader in enterprise management software. Together, the companies enable convenience retailers with the new NCR point-of-sale (POS) to utilize PDI’s mobile payment offering for payment methods like Visa, Venmo, Mastercard, PayPal, or Automated Clearing House.
Sep-2020: Diebold extended its partnership with Co-op Group, one of the world’s largest consumer cooperatives. The expansion includes managed services and remote observing of self-service and point-of-sale (POS) systems across the U.K. This complete portfolio optimizes members’ shopping journeys by accelerating consumer checkout and improves the company’s operational efficiency.
Aug-2020: Intuit came into partnership with Webgility, an e-commerce accounting integration software. Under this partnership, Webgility’s software helps sellers in enhancing profits and productivity by integrating their eCommerce transactions directly to QuickBooks Point of Sale 19.0. QuickBooks Point of Sale 19.0 customers could manage their retail and eCommerce sales channels from a single place by decreasing administrative overhead and keeping inventory counts up to date.
Jul-2020: PAX Technology joined hands with Loyalzoo, the leader in loyalty platforms for small and medium-sized retailers. Together, the companies introduced Loyalzoo’s Digital Loyalty app on PAXSTORE, an open eco-system designed to manage and provide 3rd party business applications. It allows banks and merchants to make their independent application stores and deliver value-added services through Android-based terminals.
Nov-2019: PAX Technology partnered with Truevo Payments, a European-based card acquirer and payment service provider. The partnership focused on launching their point of sale solution to small and medium-sized businesses in the UK and Ireland, then on to the rest of Europe.
Oct-2019: Toshiba entered into a collaboration with Intel. The collaboration enabled Toshiba to empower retailers and improve the customer experience by combining Intel’s latest processor technology within its global point-of-sale (POS) systems. The 9th Generation Intel Core S-series processors within Toshiba’s TCx 300 and TCx 700 POS systems boost performance, assist in decreasing customer checkout times, and also increase retailer efficiency.
Feb-2019: Diebold collaborated with Triumph, the largest UK-owned motorcycle manufacturer. Under this collaboration, the companies aimed to improve consumer-centric, suitable experiences with a complete solution of software, services, and point-of-sale (POS) technology that delivers a consistent shopping experience over sales channels and also decreases IT complexity.
Jan-2019: Toshiba collaborated with Northeast grocery store chain, Roche Bros. Under this collaboration, Roche Bros selected Toshiba as the retail technology provider. Toshiba upgraded and modernized all of the grocer’s Massachusetts stores by the implementation of TCx 300 point-of-sale (POS) Systems. Roche Bros installed the first 100 of Toshiba’s TCx 300 POS Systems and go with TCx Displays in seven of the grocer’s stores and scheduled to embed 200 additional lanes around Roche Bros’ other 13 stores.
Acquisition and Mergers:
Feb-2021: Intuit took over OneSaas, by the QuickBooks platform. OneSaas deepened data integrations in QuickBooks Commerce, a new product that enables small enterprises to better manage their in-person, online, and overall omnichannel sales.
Jan-2021: NCR Corporation took over grocery e-commerce leader, Freshop. The acquisition added e-commerce to NCR’s retail core point-of-sale platform to give retailers, specifically regional and small grocery chains, the ability to faster deploy buy-online, pickup-in-store offerings to fulfill their customers’ requirements directly. This combination helped retailers to make stronger customer relationships, strengthening their brands, and get better profit margins than with third-party e-commerce providers.
Jan-2021: NCR Corporation signed an agreement to acquire Cardtronics, the non-bank ATM operator and service provider. This acquisition will boost the NCR-as-a-Service strategy that they laid on Investor Day, further it shifts NCR’s revenue mix to software, services, and recurring revenue, and add value for their customers.
Dec-2020: NEC acquired Avaloq, Swiss-based digital banking and wealth management technology provider. Following the acquisition, the companies aimed to integrate their technological strengths in their respective fields. The solutions they bring, only develop for the better when using NEC’s proven expertise with technologies regarding Digital Identity, Artificial Intelligence, Blockchain, Verification, Cybersecurity, and Biometrics.
Nov-2019: NCR Corporation took over POS Solutions, the leading point-of-sale, and restaurant solutions provider in central Texas. The acquisition brought POS Solutions into the NCR family aligns with their strategy to expand their capabilities to provide the solutions and serve customers in thriving local restaurant markets.
Product Launches and Product Expansions:
Jan-2021: Toshiba unveiled its ELERA unified commerce platform. The platform helps merchants to manage without the bounds of traditional retail IT infrastructures. ELERA supports microservices to take away IT limitations, redefine retail infrastructure into changing, flexible environments by which merchants across the globe can launch new services in a few days.
Sep-2020: Diebold launched the DN Series BEETLE product portfolio. The launch empowers retailers for implementing modular technology upgrades to cope up with their developing checkout requirements for years to come. This designed point-of-sale (POS) family includes the BEETLE A1050 and A1150, integrating the benefits of an all-in-one and modular POS through a click-and-connect mechanism, implementing to various deployment scenarios and reducing the total cost of ownership.
Sep-2020: Intuit introduced QuickBooks Commerce, a business management platform. This platform helps small businesses to attract and sell their products or services to new customers across multiple channels and ultimately grow their business. QuickBooks Commerce is the centralized hub that small enterprises look forward to where they can access multiple sales channels, combines prevailing ones, manage orders and fulfillment, sync inventory across online and offline channels, eliminate stockouts and get profitability insights.
May-2020: Shopify introduced a fully rebuilt and reimagined Shopify POS. The Shopify POS has the power of omnichannel for businesses by leading in-person and online sales together in one place. Shopify POS assures to support merchants to stay flexible and resilient in the face of challenges to their business.
Feb-2020: Square launched Square for Retail on Square Register that integrates its software, hardware, and payments solutions technology. The technology enables business owners to operate their storefront, back-office operations, and online store in one hub, Square for Retail on Register focused on taking away the necessity for various devices and giving sellers an all-in-one POS solution specifically designed for retail workflows.
Apr-2019: Shopify released a new retail hardware collection, including three devices named The Shopify Tap & Chip Reader, Dock, and Retail Stand. This retail hardware is developed from the ground up with keeping merchants and customers in mind, to offer an unmatched shopping experience.
Mar-2019: Square introduced two new offerings: the revamped Square Online Store and Square For Retail. The two products provide sellers the tools to have one cohesive solution to start or grow an omnichannel business. The new Square Online Store enables sellers to grow their business in person and online, with a professional eCommerce website and integrated tools that include Instagram selling, shipping, in-store pickup, and more.
Scope of the Study
By End User
• Discount Stores
• Gas Stations
• Convenience Stores
• Specialty Stores
• Grocery Stores
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Diebold Nixdorf, Inc.
• Intuit, Inc.
• NEC Corporation
• Toshiba Corporation
• Zebra Technologies Corporation
• Square, Inc.
• NCR Corporation
• Shopify, Inc.
• VeriFone Holdings, Inc. (Francisco Partners)
• PAX Global Technology Limited
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